Lifting the veil of incorporation by the court of law

http://www.infodailies.com/wp-conten...download-4.jpgLIFTING THE VEIL OF INCORPORATION BY THE COURT OF LAW
The veil of incorporation can also be lifted by the courts. Here, we will look at the instances where the courts has lifted the veil of incorporation and circumstances that can make the court to lift the veil of incorporation
1 Trusts and the Concept of Lifting the Veil of Incorporation
Where a company is holding share in trust for third parties and the management of the company is in the hands of the trustees, the court may lift the veil of incorporation so as to appropriate the company’s property with the terms of the trust. Hence, in The Abbey, Malvern Wells ltd v Ministry of Local Government and Planning Dankwerts J accepted the fact that a company held all its property on charitable trust when all the shares in it were so held and its article of association provided that the trustees were to be its governing body...get the full gist at http://www.infodailies.com/lifting-t...-court-of-law/